24 Vietnam housing projects converted to social housing

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Developers of 24 apartment projects with 24,000 units have received approval to convert them from commercial to social housing, online newspaper VnExpress reported.

Of them, 16 are in Ho Chi Minh City and six in Hanoi.

Developers have been allowed the conversion since mid March.
However, despite their low sales, few have applied for the switch to affordable housing for which there is greater demand, saying it is too expensive.

The Ministry of Construction has promised to streamline policies and encourage developers to focus on low-income housing.

Last year 94 social housing projects were begun at a cost of VND10 trillion (US$480.48 million).

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